A Weekly and Monthly Look at the NASDAQ finds Resistance
Let’s take a look at the current long-term Monthly and Weekly structure of the NASDAQ index to note key levels of overhead resistance which, if broken, will open clear skies ahead for price.
NASDAQ Comes into Confluence Monthly Resistance
This is something I haven’t heard anywhere else yet – with everyone focused on the S&P 500 Head and Shoulders, people have let this fact slip them by: The NASDAQ Index is coming into confluence resistance via the 200 month SMA and the 38.2% Fibonacci Retracement. Let’s take a look:
Nikkei and NASDAQ: History Being Remade?
The following article is excerpted from Club Elliott Wave International’s post “Nikkei and NASDAQ: History in the Remaking” – only I have added charts for emphasis.
Let’s take a long-term monthly view of Japan’s Nikkei Index showing the crash of 2000 and 2008:
Fibonacci Confluence in the NASDAQ May 1
Let’s take a quick look at the levels of Fibonacci Confluence in the NASDAQ Index as we start May, 2009. The Fibonacci grids I’ve drawn begin at the 1,280 March low level and connect three key swing highs – the colored retracements are the result of these levels and we are looking at the confluence…
Updated Elliott Wave Count on NASDAQ
With many Elliott wave practitioners puzzled at the current wave count, here is a possible mainstream interpretation of the latest Elliott Wave Count on the NASDAQ, which has had the most impressive run-up off the March 2009 lows. (click for larger image) As a caveat, keep in mind this is only one interpretation. This count…
Fibonacci Confluence on NASDAQ and Dow Jones
A couple of readers have also asked me to post the Fibonacci Confluence Levels (grids) for the NASDAQ and the Dow Jones Index currently. Here is a quick, mid-day update on these levels (which, to me, are not as clear as the confluence on the S&P 500). NASDAQ Daily Fibonacci Confluence: The grid logic is…
NASDAQ Outperformance and Structure
I tend to focus mainly on the Dow Jones and S&P 500 Indexes, but what’s perhaps going unnoticed is that the NASDAQ Index has outperformed them both, having held above its November lows and is showing relative strength. Let’s take a look at the Daily NASDAQ Chart: Keep in mind, the S&P 500 tested its…
Markets Continue their Downward Arc
Today brings more selling into the marketplace, which represents a continuation of the interesting, clean arc price has recently formed. Let’s look at it. The Dow Jones has fared the poorest of the four major US Indexes: You can see the clear arc from early March until present that price has formed, as momentum has…
Double Doji – Should Resolve with Larger Move
Interestingly enough, the S&P 500 Index formed two doji candlesticks over the last two sessions, revealing a market experiencing indecision, which should give way to a larger trend move today or soon, so be expecting some sort of range expansion day. Beyond the two doji ‘indecision’ candles, we have a negative momentum divergence, and a…
The Damage Done Across the Board
Today’s 3% market plunge wrecked havoc on the otherwise bullish conditions of the broader US Indexes. Oil rose drastically, and other commodities benefited as the Dollar Index fell as well. The Russell 2000 and the NASDAQ are still above or testing their rising daily key moving averages, but the Dow is well beneath these key…